News
Insurers to face £3bn bill from discount rate cut
Insurers could face a £3bn bill from the discount rate cut, with individual motor premiums rising by an average of £100.
MS Amlin boosts marine with Phoenix acquisition
Global specialty insurer MS Amlin, is to acquire 100% of the equity of Phoenix Underwriters, a Hong Kong based managing general agent specialising in yachts, super yachts and commercial craft.
Post People: 27 February - 3 March
Check out this week's movers and shakers.
Industry reacts to discount rate cut
Live reactions from the market to the decision to slash the discount rate (please bear with us as this page can take 30 seconds to load).
ABI hits out at ‘crazy’ discount rate decision, claiming it could affect 36 million motorists
The Association of British Insurers has warned that cutting the discount rate so severely was a “crazy decision” that will affect millions of motorists.
Direct Line hit by £230m profit blow from discount rate cut
Direct Line will see a blow to profits of up to £230m from the discount rate cut, the company said.
Admiral sees profit hit of up to £100m from discount rate cut
The discount rate cut will add between £140m to £175m to Admiral’s claims settlement bill, the insurer said.
Ogden discount rate set at minus 0.75%
Liz Truss, Lord Chancellor and Secretary of State for Justice, has decided to implement the Ogden discount rate at minus 0.75%, a change from plus 2.5%.
Flood Re: One year on – how effective and successful is the scheme?
Post looks at Flood Re as it approaches its anniversary
Slater and Gordon hit by A$350m UK writedown
Melbourne-based personal injury law firm Slater and Gordon made a loss of A$425.1m (£263m) in the first six months of the firm's financial year to the end of 31 December.
AIA's Tucker sees 7% China penetration in 2030
Mark Tucker, CEO of Hong Kong-headquartered life insurer AIA, sees great potential for his company and others in China.
QBE appoints McMillan as COO
Sydney-headquartered QBE has appointed former CEO of Aviva Europe and chairman of global health insurance David McMillan as group chief operations officer.
QBE announces A$1bn share buyback after 2016 profit increase
Australian global giant QBE has seen its share price climb after posting its 2016 group performance today.
Travelers to pay legal costs for PIP Breast Implant claimants
Travelers Insurance Company has to pay legal costs for a number PIP Breast Implant claimants, the High Court has ruled.
Claims Club: Insurtech start-ups should partner with insurers
Insurtech start-ups should look to partner with major insurers rather than go it alone, start-up leaders have said.
Allianz calls for clarity over subrogation in driverless cars bill
Allianz said it is looking forward to “more clarity” over whether insurers have access to collision data should a driverless car be involved in an accident.
Skuld Copenhagen sees leadership change
Krester Krøger Kjær has taken over as head of Skuld Copenhagen, replacing Helle Lehmann.
ICO raids house linked to data theft
A raid was carried out on a London address linked to the illegal access of customer details from a nationwide car repair company.
This week: Personal injury, fundamental flaws and results
Personal injury took on a new meaning for me this week when I discovered a bruised ankle picked up during a recent paragliding adventure was actually a bad break.
Insurers see 300% surge in claims as a result of Storm Doris
Insurers expect to see as many storm claims in the next two days as they’ve seen for the whole of the year so far.
Allianz sponsors Asian Champions League
Global general insurer Allianz has signed a four year sponsorship agreement with the Asian Football Confederation for three major cup competitions.
RSA says more than 900 jobs culled last year, as it looks to further efficiencies
RSA made more than 900 redundancies last year and plans to make an additional £50m in cost savings.
Telematics data helps to disprove fraudulent car hire claim
Information gathered from blackbox telematics has been used successfully to reveal a dishonest customer claim involving a hire vehicle.